The blockchain/crypto week in quotes

Here are the comments and tweets that caught our eye this week

“Contrary to popular opinion, it’s Facebook that will fail where Bitcoin has prevailed. Bitcoin is doing exactly what it’s supposed to be doing: creating a grass roots movement driven by individuals. The regulators cannot regulate Bitcoin because there is no-where to go, but regulators know how to access Facebook. They’ll turn up at Facebook’s shiny offices in Silicon Valley and shut the project down. Bitcoin has prevailed because regulators can’t shut it down. That means the regulators are having to find creative ways to protect consumers and they’re only at the start of that process.

Facebook is yet to confirm rumours of a coin and there is a good argument that says they don’t even need one. It would be better to mirror WeChat’s approach in China by giving users access to p2p payments through their app, similarly to PayPal. Only time will tell, but Facebook can’t launch a cryptocurrency in regulators backyards without being thrown out.” Mike Rymanov, CEO, DSX

“I’m not sure I can buy that we’ve seen massive Bitcoin value destruction, I think we’ve seen massive value creation.” Apple Co-Founder Steve Wozniak

“JP Morgan Coin could be internal, could be commercial, it could one day be consumer.” Jamie Dimon, CEO, JP Morgan Chase

“While Ethereum upgrades usually fly below the radar, Constantinople promises to provide some important behind-the-scenes improvements to the Ethereum network. This is like overhauling the engine of a car – it won’t look any different, but it should be better and faster. This will cement Ethereum’s position as the king of development networks, by instilling more confidence in developers who choose to create apps and smart contracts within the Ethereum community.

What remains to be seen is the impact this upgrade has on price. While traditional economics suggest that any movement impacting the supply of an asset (as this upgrade will do) means the price will rise, what we can’t predict is how demand will change.” Mati Greenspan, Senior Market Analyst, eToro

“Bitcoin is a delusion.” Warren Buffett

“People have this fallacy idea that they’re going to make blockchain work inside the firewall. It’s all going to fail miserably.” Abra CEO Bill Barhydt

“Bitcoin is seen as mainstream today only from a speculators point of view. But people do not fully understand the benefits of using it as a currency yet – at a top level it’s cash for the internet and cheaper to transact with on the Lightning Network than with regular money. The reason why adoption has been slow is a solid bridge connecting it to the real economy doesn’t exist.

As a result, obtaining Bitcoin easily and safely, and being able to spend it on things we want is slow, disjointed and unreliable. With our partnerships with Bitrefill, Breez and Samourai, we will start to overcome these challenges, creating a seamless link between the digital currency and the real world. Once these worlds are joined up people can truly realise the full potential of Bitcoin.” Danny Brewster, Managing Director, Fastbitcoins

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